CONDUCT RISK - Consumer Duty implementation: good practice and areas for improvement
21/02/2024
The FCA in the UK has published a document on what firms are doing well and what they could do better.
The Consumer Duty came into force for open products and services on 31 July 2023, and the FCA says they have seen improvements made by many firms to deliver better outcomes for their customers. However, they do say some firms need to catch up.
Under the Duty, firms must act to deliver good outcomes for retail customers. Firms should aim to address issues that risk continuously causing consumer harm.
This FCA publication:-
- Builds on its review of firms’ implementation plans and their fair value frameworks and previous communications.
- Reminds firms of the consumer outcomes required by the Duty.
- Sets out recent good practices, including in response to our early supervisory work, to deliver these outcomes.
- Highlights areas for improvement where firms have more to do.
READ MORE HERE:-
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.